We study the impact of pollution on the migration of high human capital employees. We link data on the opening of toxic-emitting plants with the career paths of executives at S&P 1500 firms. We discover that toxic-emitting plant openings increase executive departures from neighboring firms with adverse effects on stock prices. The results: are larger when polluting plants and firms are geographically closer, hold only for executives physically-based at treated firms, hold only for the opening of polluting plants, do not reflect other local factors or prior stock price performance, and are larger among executives with more general human capital.
{"title":"Pollution and Human Capital Migration: Evidence from Corporate Executives","authors":"Ross Levine, Chen Lin, Zigan Wang","doi":"10.3386/W24389","DOIUrl":"https://doi.org/10.3386/W24389","url":null,"abstract":"We study the impact of pollution on the migration of high human capital employees. We link data on the opening of toxic-emitting plants with the career paths of executives at S&P 1500 firms. We discover that toxic-emitting plant openings increase executive departures from neighboring firms with adverse effects on stock prices. The results: are larger when polluting plants and firms are geographically closer, hold only for executives physically-based at treated firms, hold only for the opening of polluting plants, do not reflect other local factors or prior stock price performance, and are larger among executives with more general human capital.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129519874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates judicial size premium, the judicial bias in favor of large economic organizations. The Korean judiciary is biased with regard to chaebols (large family business groups). Convicted chaebol-related defendants receive 9.9%p more jail-sentence suspension and 19 month shorter jail term than non-chaebol counterparts do. The leniency remains robust after controlling for the quality of defense attorneys and other sentencing factors. We hypothesize that this bias occurs because (1) the judiciary worries that strict sentences against chaebols may cause system risk; and (2) the court follows the civil law tradition of being generous to in-group transactions. The results support both hypotheses. The larger the chaebol, the larger the judicial bias. Controlling for the in-group transactions explains much of the bias. With great victories in the court, chaebol-related offenders defend their wrongdoings, arguing that illegal in-group transactions are for the interest of entire business group, not for their private gain.
{"title":"What Constitutes Too-Big-To-Jail?","authors":"Han-soo Choi, Changmin Lee, Hyoung-Goo Kang","doi":"10.2139/ssrn.3119379","DOIUrl":"https://doi.org/10.2139/ssrn.3119379","url":null,"abstract":"This paper investigates judicial size premium, the judicial bias in favor of large economic organizations. The Korean judiciary is biased with regard to chaebols (large family business groups). Convicted chaebol-related defendants receive 9.9%p more jail-sentence suspension and 19 month shorter jail term than non-chaebol counterparts do. The leniency remains robust after controlling for the quality of defense attorneys and other sentencing factors. We hypothesize that this bias occurs because (1) the judiciary worries that strict sentences against chaebols may cause system risk; and (2) the court follows the civil law tradition of being generous to in-group transactions. The results support both hypotheses. The larger the chaebol, the larger the judicial bias. Controlling for the in-group transactions explains much of the bias. With great victories in the court, chaebol-related offenders defend their wrongdoings, arguing that illegal in-group transactions are for the interest of entire business group, not for their private gain.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133166226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nowadays, investors have variety of options for investment, in order to get a return that they planned. Furthermore, investors would decide easier if those investments are related to sustainability. Socially Responsible Investment is a good type of investment which seeks to generate financial goals, sustainability, and social responsibility. This paper was written to prove the fact that SRI is not only contributing to advancements in environmental, social and governance practices but also aim for strong financial performance. Therefore, I selected 5 US companies which have a positive social, environmental and governance. All of Company chose from MSCI KLD 400 Social Index (DSI) for representing the SRI investment market performance. Those 5 companies would be an important part that proves the SRI can achieve the financial goals. This research using ten years of historical data, focus on daily percentage change of stock of each company and see the percentage has grown year over year. Then this study would use the Capital asset pricing model (CAPM) to estimate expected returns on stocks. The result of this paper will help investors that interest in SRI investment and help investors in making investment decisions on SRI.
{"title":"Socially Responsible Investment: Achieve Financial Goals?","authors":"Onjira Thampramoth","doi":"10.2139/ssrn.3110431","DOIUrl":"https://doi.org/10.2139/ssrn.3110431","url":null,"abstract":"Nowadays, investors have variety of options for investment, in order to get a return that they planned. Furthermore, investors would decide easier if those investments are related to sustainability. Socially Responsible Investment is a good type of investment which seeks to generate financial goals, sustainability, and social responsibility. This paper was written to prove the fact that SRI is not only contributing to advancements in environmental, social and governance practices but also aim for strong financial performance. Therefore, I selected 5 US companies which have a positive social, environmental and governance. All of Company chose from MSCI KLD 400 Social Index (DSI) for representing the SRI investment market performance. Those 5 companies would be an important part that proves the SRI can achieve the financial goals. This research using ten years of historical data, focus on daily percentage change of stock of each company and see the percentage has grown year over year. Then this study would use the Capital asset pricing model (CAPM) to estimate expected returns on stocks. The result of this paper will help investors that interest in SRI investment and help investors in making investment decisions on SRI.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126348463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2016, the Securities and Exchange Commission (SEC) considered for the first time whether financial disclosure reform should address sustainability matters and other sources of nonfinancial risk. The resulting debate over these issues raises fundamental questions about how well the federal disclosure regime addresses emerging risks and about how well private ordering, through shareholder engagement, the work of private standard-setters, and corporate voluntary disclosure, can fill the gaps. This Article argues that the current model of nonfinancial risk disclosure, based largely on private ordering, is ineffective and undermines the SEC’s mission to protect investors, facilitate capital formation, and promote fair, orderly, and efficient markets. This conclusion rests on evidence that the current state of sustainability disclosure is inadequate for investment analysis and that these deficiencies are largely problems of comparability and quality that cannot readily be addressed by private ordering. This Article also highlights the costs of agency inaction to investors and to public companies, which have been largely ignored in the debate over the future of financial reporting. It concludes by proposing avenues for disclosure reform.
{"title":"Nonfinancial Risk Disclosure & The Costs of Private Ordering","authors":"Virginia E. Harper Ho","doi":"10.2139/ssrn.2923561","DOIUrl":"https://doi.org/10.2139/ssrn.2923561","url":null,"abstract":"In 2016, the Securities and Exchange Commission (SEC) considered for the first time whether financial disclosure reform should address sustainability matters and other sources of nonfinancial risk. The resulting debate over these issues raises fundamental questions about how well the federal disclosure regime addresses emerging risks and about how well private ordering, through shareholder engagement, the work of private standard-setters, and corporate voluntary disclosure, can fill the gaps. This Article argues that the current model of nonfinancial risk disclosure, based largely on private ordering, is ineffective and undermines the SEC’s mission to protect investors, facilitate capital formation, and promote fair, orderly, and efficient markets. This conclusion rests on evidence that the current state of sustainability disclosure is inadequate for investment analysis and that these deficiencies are largely problems of comparability and quality that cannot readily be addressed by private ordering. This Article also highlights the costs of agency inaction to investors and to public companies, which have been largely ignored in the debate over the future of financial reporting. It concludes by proposing avenues for disclosure reform.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123869766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-12-01DOI: 10.24818/jamis.2017.04003
V. Dragomir
All companies admit in their codes of conduct that conflicts of interest (CIs) are a threat to their efficiency, integrity and reputation. Except for insider trading, definitions of CIs are strictly particular to each business and publicly expressed through their codes of ethics. I propose an interpretative analysis of what is understood by conflict of interest in the codes of ethics of the world’s largest companies, along with a comprehensive review of CIs in several sections: employment, contracting, corporate assets, insider trading and personal investments, competitors, and corporate image. The present paper offers solutions to avoid or resolve CIs in a business context, by combining economic preference with the psychological cognitivist view of self-interest. The conclusion is that a code of ethics and relevant training are protective measures for a company wishing to convince its employees that they are better off not entering CIs.
{"title":"Conflicts of Interest in Business: A Review of the Concept","authors":"V. Dragomir","doi":"10.24818/jamis.2017.04003","DOIUrl":"https://doi.org/10.24818/jamis.2017.04003","url":null,"abstract":"All companies admit in their codes of conduct that conflicts of interest (CIs) are a threat to their efficiency, integrity and reputation. Except for insider trading, definitions of CIs are strictly particular to each business and publicly expressed through their codes of ethics. I propose an interpretative analysis of what is understood by conflict of interest in the codes of ethics of the world’s largest companies, along with a comprehensive review of CIs in several sections: employment, contracting, corporate assets, insider trading and personal investments, competitors, and corporate image. The present paper offers solutions to avoid or resolve CIs in a business context, by combining economic preference with the psychological cognitivist view of self-interest. The conclusion is that a code of ethics and relevant training are protective measures for a company wishing to convince its employees that they are better off not entering CIs.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"287 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114186454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose This paper aims to examine whether corporate social responsibility (CSR) is related to management sales forecast accuracy. Design/methodology/approach Use KLD measures of corporate responsibility combined with forecast accuracy regression model, including controls for management skills and expertise. Findings Socially responsible firms commit forecast errors of lower magnitude and sales forecast accuracy is positively related to the level of CSR. Research limitations/implications A strong motive for research on the field of CSR topic under the scope of reporting quality. Future research could focus on alternative measures of CSR; such as announcements included into the financial statements or separately disclosed expenses. Examine the magnitude of confirmed relation, among different economies worldwide. Practical implications CSR effect on manager sales forecasting activity, highlight the impact of brand awareness and customer loyalty, as created by implementing CSR strategies, on firm growth and sales expansion. Social implications The research enhances the era towards more socially responsible firms, presenting evidence of such an adoption on corporate fundamentals. Originality/value To the knowledge there is no prior research examining the implications of CSR on sales forecast accuracy.
{"title":"Do Socially Responsible Managers Forecast Sales More Accurately?","authors":"Panagiotis I. Chronopoulos","doi":"10.2139/ssrn.3178178","DOIUrl":"https://doi.org/10.2139/ssrn.3178178","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine whether corporate social responsibility (CSR) is related to management sales forecast accuracy.\u0000\u0000\u0000Design/methodology/approach\u0000Use KLD measures of corporate responsibility combined with forecast accuracy regression model, including controls for management skills and expertise.\u0000\u0000\u0000Findings\u0000Socially responsible firms commit forecast errors of lower magnitude and sales forecast accuracy is positively related to the level of CSR.\u0000\u0000\u0000Research limitations/implications\u0000A strong motive for research on the field of CSR topic under the scope of reporting quality. Future research could focus on alternative measures of CSR; such as announcements included into the financial statements or separately disclosed expenses. Examine the magnitude of confirmed relation, among different economies worldwide.\u0000\u0000\u0000Practical implications\u0000CSR effect on manager sales forecasting activity, highlight the impact of brand awareness and customer loyalty, as created by implementing CSR strategies, on firm growth and sales expansion.\u0000\u0000\u0000Social implications\u0000The research enhances the era towards more socially responsible firms, presenting evidence of such an adoption on corporate fundamentals.\u0000\u0000\u0000Originality/value\u0000To the knowledge there is no prior research examining the implications of CSR on sales forecast accuracy.\u0000","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131368721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The scholarly article aims to give objective coverage of corporate social responsibility enhancement through the promotion of employee financial participation schemes in Georgian corporate practice. According to the “Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part” corporate social responsibility is supposed to be promoted through an employment policy and social protection of employees, which consequently holds with the idea of alteration of corporate governance standards in Georgia. Due to the unsustainable level of Georgian stock market development and corporate practice, authors deem employee participation as an appropriate and relevant model in support of corporate social responsibility. With the aim of comparison, an analysis of foreign regulations is also represented.
{"title":"Rethinking of the Practical Existence of the Corporate Social Responsibility in Georgia – Peer Review on Its Promotion via Georgia-EU Association Agreement","authors":"Ana Tokhadze, Lea Salathé","doi":"10.2139/ssrn.3331763","DOIUrl":"https://doi.org/10.2139/ssrn.3331763","url":null,"abstract":"The scholarly article aims to give objective coverage of corporate social responsibility enhancement through the promotion of employee financial participation schemes in Georgian corporate practice. According to the “Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part” corporate social responsibility is supposed to be promoted through an employment policy and social protection of employees, which consequently holds with the idea of alteration of corporate governance standards in Georgia. Due to the unsustainable level of Georgian stock market development and corporate practice, authors deem employee participation as an appropriate and relevant model in support of corporate social responsibility. With the aim of comparison, an analysis of foreign regulations is also represented.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133231271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores how political connections influence the likelihood of corporate bond issuance for privately owned enterprises (POEs) in China. Using a sample of Chinese POEs from 2007 to 2016, we show that politically connected POEs in China are more likely to issue corporate bonds as a debt financing instrument and at lower coupon rates (i.e., with lower refinancing costs). We also find that corporate bond-issuing POEs in China have weaker corporate governance. Overall, our results suggest that the corporate bond market in China is strongly influenced by political factors.
{"title":"Do Privately Owned Enterprises in China Need Political Connections to Issue Corporate Bonds?","authors":"D. Schweizer, Thomas J. Walker, Aoran Zhang","doi":"10.2139/ssrn.2846730","DOIUrl":"https://doi.org/10.2139/ssrn.2846730","url":null,"abstract":"This paper explores how political connections influence the likelihood of corporate bond issuance for privately owned enterprises (POEs) in China. Using a sample of Chinese POEs from 2007 to 2016, we show that politically connected POEs in China are more likely to issue corporate bonds as a debt financing instrument and at lower coupon rates (i.e., with lower refinancing costs). We also find that corporate bond-issuing POEs in China have weaker corporate governance. Overall, our results suggest that the corporate bond market in China is strongly influenced by political factors.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128330085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article examines an important development in the field of corporate social responsibility, namely the adoption of a 2014 European Union Directive (“2014 EU Directive”) mandating non-financial reporting by certain large companies. Such disclosure has traditionally been provided by businesses on a voluntary basis, but the 2014 EU Directive reflects an emerging global trends toward mandatory reporting. Such trend emerged in response to the perceived low quantity and poor quality of information disclosed voluntarily on social and environmental topics of importance to corporate stakeholders. The author analyzes the history and development of policy and legislation on this issue both at the European Union level and within two Member States that have been leaders in the area of corporate social responsibility reporting, namely France and Denmark. Such analysis draws on literature from the fields of both law and business and is conducted within the larger frame of the global growth of non-financial reporting and the role that such reporting plays as a mechanism to enhance socially responsible behavior by business. An important feature of the 2014 EU Directive is its regulatory approach, which has been called a “smart mix approach” because it introduces an element of government regulation while still allowing businesses to make significant choices about disclosure on a voluntary basis. The author concludes that the 2014 EU Directive may result in a greater quantity of disclosure, but it may not be as successful in achieving the goal of improved quality of such reporting due to fundamental weaknesses in the regulatory approach and content of the 2014 EU Directive, as well as to the lack of preconditions in Member States needed for improved corporate transparency on social and environmental issues. The lessons from the European Union experience detailed in this article may prove useful for countries like the United States, where the development of non-financial reporting has lagged behind other countries.
{"title":"Evolving Norms of Corporate Social Responsibility: Lessons from the European Union Experience with Non-Financial Reporting","authors":"Constance Z. Wagner","doi":"10.2139/SSRN.3051843","DOIUrl":"https://doi.org/10.2139/SSRN.3051843","url":null,"abstract":"This article examines an important development in the field of corporate social responsibility, namely the adoption of a 2014 European Union Directive (“2014 EU Directive”) mandating non-financial reporting by certain large companies. Such disclosure has traditionally been provided by businesses on a voluntary basis, but the 2014 EU Directive reflects an emerging global trends toward mandatory reporting. Such trend emerged in response to the perceived low quantity and poor quality of information disclosed voluntarily on social and environmental topics of importance to corporate stakeholders. The author analyzes the history and development of policy and legislation on this issue both at the European Union level and within two Member States that have been leaders in the area of corporate social responsibility reporting, namely France and Denmark. Such analysis draws on literature from the fields of both law and business and is conducted within the larger frame of the global growth of non-financial reporting and the role that such reporting plays as a mechanism to enhance socially responsible behavior by business. An important feature of the 2014 EU Directive is its regulatory approach, which has been called a “smart mix approach” because it introduces an element of government regulation while still allowing businesses to make significant choices about disclosure on a voluntary basis. The author concludes that the 2014 EU Directive may result in a greater quantity of disclosure, but it may not be as successful in achieving the goal of improved quality of such reporting due to fundamental weaknesses in the regulatory approach and content of the 2014 EU Directive, as well as to the lack of preconditions in Member States needed for improved corporate transparency on social and environmental issues. The lessons from the European Union experience detailed in this article may prove useful for countries like the United States, where the development of non-financial reporting has lagged behind other countries.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"331 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124670887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In today’s global market environment, a prerequisite for a corporation to align with a practice of corporate social responsibility (CSR) is to have a social contract with its key stakeholders such as society, government, groups, individuals, and other interested parties (Crowther & Aras, 2008). However, there is no agreed-upon definition of CSR, but it can be articulated as a concept whereby commercial and non-commercial entities incorporate social, economic, ecological, and sustainability concerns in their business operations, and that these entities interact ethically with their stakeholders on a voluntary footing (Hamidu, Haron & Amran, 2015). Phillip Morris International (PMI) proclaims that its stance on CSR is strongly correlated with transparency, accountability, and sustainability (PMI, 2017). However, PMI is a corporation that promotes the production of harmful products for human enjoyment and is still seen by society as a controversial corporation (Cohen, 2007). Despite its good intentions, as long as PMI promotes the production of harmful products for consumers, their CSR proclamations will be addressed with skepticism.
{"title":"Phillip Morris International, Inc.: A Case of Difficulties in Justifying Corporate Social Responsibility","authors":"Gerard H. Th. Bruijl","doi":"10.2139/ssrn.3023615","DOIUrl":"https://doi.org/10.2139/ssrn.3023615","url":null,"abstract":"In today’s global market environment, a prerequisite for a corporation to align with a practice of corporate social responsibility (CSR) is to have a social contract with its key stakeholders such as society, government, groups, individuals, and other interested parties (Crowther & Aras, 2008). However, there is no agreed-upon definition of CSR, but it can be articulated as a concept whereby commercial and non-commercial entities incorporate social, economic, ecological, and sustainability concerns in their business operations, and that these entities interact ethically with their stakeholders on a voluntary footing (Hamidu, Haron & Amran, 2015). Phillip Morris International (PMI) proclaims that its stance on CSR is strongly correlated with transparency, accountability, and sustainability (PMI, 2017). However, PMI is a corporation that promotes the production of harmful products for human enjoyment and is still seen by society as a controversial corporation (Cohen, 2007). Despite its good intentions, as long as PMI promotes the production of harmful products for consumers, their CSR proclamations will be addressed with skepticism.","PeriodicalId":210981,"journal":{"name":"Corporate Governance: Social Responsibility & Social Impact eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130623102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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